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KYC

Meaning: 

KYC, or Know Your Customer, is defined as a mandatory process implemented by banks and financial institutions to verify the identity of their customers. This process is
crucial for ensuring compliance with regulatory requirements and preventing fraudulent activities.

Importance:

KYC is vital for preventing fraud, money laundering, and other illegal activities that can compromise the integrity of the financial system.
It enables financial institutions to understand their customers better, thereby managing risks and enhancing security.

How to understand KYC :

The KYC process involves collecting detailed personal information and documentation from customers to confirm their identities.
It serves as a foundational element in establishing trust and transparency in financial transactions.


Types of KYC:  

Basic KYC:
Involves the collection of essential identification information, such as name, address, and date of birth.

e-KYC:
A digital method of verifying customer identity, often utilizing electronic documents and online verification processes.

CKYC (Central KYC):

A centralized KYC framework that allows customers to maintain a single KYC record accessible across multiple financial institutions.

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